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Chase drops arbitration

JPMorgan Chase & Co. said Friday it is dropping a clause from its credit card contracts that required disputes with customers to be handled through binding arbitration, a move that could lead to consumers filing class-action and other lawsuits.
A spokesman for the New York-based bank’s Chase Card Services unit confirmed the change after a law firm that sued JPMorgan Chase and other banks over arbitration clauses announced a tentative settlement with JPMorgan Chase.
Banks say arbitration is less costly for everyone than lawsuits. But consumer groups have criticized the practice as tilted in favor of banks.
Shipping rates on rise
UPS Inc., the world’s largest shipping carrier, is hiking rates for ground packages by an average of 4.9 percent, effective Jan. 4.
The company said Friday there also will be an average net rate increase of 4.9 percent next year on all air express and U.S. origin international shipments.
The rate increase for air express and international shipments is based on a 6.9 percent increase in the base rate, less a 2 percent reduction in the air and international fuel surcharge index.
Rival FedEx Corp. said in September that it will raise express shipping rates an average of 5.9 percent in January.
Nook deliveries delayed
Consumers who haven’t yet ordered Barnes & Noble’s electronic book reader, the Nook, won’t see one before Christmas.
The earliest that anyone who orders the $259 device on Friday — or later — will receive it is Jan. 4, the nation’s largest bookseller said Friday.
Customers who had hoped to buy a Nook as Christmas or Hanukkah present can get a certificate to present in lieu of the device.
P&G on the prowl to buy
Procter & Gamble Co. is still interested in buying, and says size doesn’t matter.
Jon Moeller, chief financial officer, Friday told analysts in New York that the maker of Tide detergent, Olay skin cream and Vicks medicines could pursue additions to its household brands, beauty products, or personal health care lines.
He declined to discuss any specific possibilities. Recent reports have said P&G has been eyeing Sara Lee Corp.’s air freshener business.